BREAKING: Facebook parent company Meta to lay off more than 11,000 employees, reducing its workforce by 13%, CEO Mark Zuckerberg says.
“I want to take accountability for these decisions and for how we got here,” Zuckerberg told employees. “I know this is tough for everyone, and I’m especially sorry to those impacted.”
Zuckerberg said the development follows his decision to"significantly increase our investments" at the start of the pandemic. "Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected," he said."I got this wrong, and I take responsibility for that."
Affected employees in the U.S. will receive 16 weeks of severance pay plus two additional weeks for every years they've been at the company; payment for their remaining paid time off; six months of health insurance; and immigration support for people on visas, he said.
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